The price of frog-themed Pepe Coin has surged to a new all-time high in the last 24 hours.

Compared to the overall performance of the crypto market, Pepe Coin (PEPE) outshone a majority of the altcoins as well as the top meme coins.

The third-largest meme coin has seen its price spike to a new all-time high of $0.00002678.

The price of Pepe was also up by over 20% in the last seven days and over 130% in the last 30 days.

But what is the reason for the sudden price pump? Let us look at some of the possible reasons.

PEPE hits $10 billion market cap

Pepe has also breached the $11 billion market cap. One of the possible reasons for this surge is Ethereum’s (ETH) recent price performance.

ETH had reclaimed the $4,000 level on Dec 6, a level that was seen in March. This breach of the crucial $4,000 milestone has aided the Ethereum ecosystem tokens, including Pepe.

Moreover, the open interest of PEPE has a new high of $356.79 million as per Coinglass data. This metric has seen a 30% hike in the last 24 hours.

As per IntoTheBlock data, 98% of Pepe holders are now making money at the current price, with 0% of the holders in losses.

About 25% of the holders have held Pepe for over a year and 53% have held it for a period of one to 12 months.

Other Ethereum-based meme coins like Shiba Inu (SHIB) have also seen a modest gain of close to 3%.

Before you go, check out our recent podcast (linked below) with Pepe developer Brian Fanzo.